Platinum Industries IPO booked 3.5 times on Day 1. Check GMP and other details
In line with the investor demand, the company's shares trading with a premium of Rs 102 in the unlisted market.
The IPO is completely a fresh equity issue of 1.37 crore shares and the company plans to raise around Rs 235 crore through the public offer.
Net proceeds will be utilised for investment in Platinum Stabilizers Egypt, financing capex requirements, working capital, and general corporate purposes.
Also Read: Platinum Industries IPO opens for subscription. Should you apply?
Platinum Industries IPO price band
The company had set the price band of Rs 162-171 per share, where investors can bid for 87 shares in one lot and multiples thereafter.
At the upper price band, the company is valued at a P/E of 25.0X, with a market cap of Rs 939.2 crore post issue of equity shares and a return on net worth of 61.26%.
Platinum Industries IPO review
Analysts advised investors to subscribe to the issue over the company's strong financial record in the last two years and fair pricing.
«We believe that valuations of the company are fairly priced and recommend a Subscribe-Long Term rating to the IPO,» said Anand Rathi.
Also Read: Exicom Tele-Systems IPO: Should you subscribe to this Rs 429-crore offer?
Platinum Industries has grown from commencing from 2 products portfolio to a multi-product manufacturing company with sales across India and in international markets. It is into manufacturing various important industrial products like PVC Stabilizers, lubricants etc. along with strong R&D capabilities.
In FY23, the
